Although India introduced online trading in 2002, according to the survey conducted by RBI in 2019, only 8% of Indian households invested in shares.
However, with growing literacy and smartphone adoption, the population is shifting towards investments. Another factor contributing to the rise of this popularity is the stock market app.
User-friendly applications attracted users with their cutting-edge technology and zippy performances. Lack of bugs and lag were other factors that attracted the masses to open the demat accounts.
However, if you are willing to engage in trading to generate a study income, other features beyond these factors are necessary. Join us in this blog to find out the features you need to look out for.
Attributes You Need to Look Out For
The country saw a rise in demat accounts to 12.7 crore in August 2023. A surge of 26 per cent on a yearly basis was noticed, primarily due to lucrative returns from equity. All these changes have been credited to the digital wave that surged through the country, but there is more to it. A comprehensive share market app is the key driver, which must have the following essential features:
1. Real-Time Quotes and Charts
Before settling for an app, ensure that the application provides concurrent insights that are accurate and updated promptly. Additionally, look for options to customize charts with various technical indicators and timeframes so that you receive the current news.
2. Order Placement
Technology is a critical differentiator that stands as an obstacle to progress for many. The online stock trading sector is no exception. Therefore, the applications are trying to step up by pushing to take advantage and embracing a customer-centric approach. A good stock trading app must cater to rookies as well as seasoned traders.
In simple terms, the interface must be user-friendly, and the process of buying stocks must be straightforward. Check if the share market app supports different order types like market, limit, or stop loss orders.
Moreover, if you are planning to engage in margin trading or short selling, verify that the application supports these features.
3. Research Tools
In order to conduct fundamental analysis, applications must provide access to company financial news and analyst reports. Apart from this, check whether the app provides technical indicators, drawing tools, or pattern recognition features for easier accessibility.
Screeners or scanners are a must, as they filter stocks, futures, and options based on the specific criteria you use. With such features, you will be able to identify potential trading options and device strategies accordingly.
4. Security while login authentication
Studies revealed that 71.2% of financial services customers were satisfied when they encountered app authentication. Contrary to popular belief, this shows that it is not a hindrance but a safety net that most users want. Face recognition or a one-time PIN must be present in the app you choose to access the share market.
5. News and articles
Real-time market news and updates are essential to keep up with the stock exchange. Additional learning tools like webinars, quizzes, or stimulated trading will enhance your knowledge, giving you an edge over your contemporaries.
6. Customer support
Client centricity is an important factor when choosing a stock market app. The platform you are choosing must be responsive and helpful. Look for support options like phone, email, and live chat when downloading an application.
7. Fees and charges
Compare the transaction fees charged by different applications. Before choosing a platform, you must be aware of any hidden fees or charges necessary to use specific features.
In Conclusion
You can select the share market app that suits your trading needs and preferences by carefully considering these factors.
Research 360, from Motilal Oswal Financial Services, offers a comprehensive platform for investors looking for detailed analysis. With robust research coverage and top-notch security, you can make the right trading decision. Download the app today and see the difference it makes to your portfolio.